Chariot’s blocks of interest, Rabat Deep and Mohammedia, are located offshore northern Morocco, part of the Central Atlantic passive margin.
JP-1 is a large, 200km² four way dip closed faulted prospect, in water depths ranging from 1,000m to 1,400m, and lies adjacent to Lower Jurassic source kitchens with associated slicks and DHIs. A large trap was identified on the Company’s initial 2D seismic data and the subsequent 3D seismic data has improved confidence in the trap, its reservoir potential and the secondary targets that overlie the main objective. During the course of this year a CPR was carried out by NSAI confirming gross mean prospective resources of 768mmbbls in JP-1. This was followed by a geochemical coring programme which has further improved the evidence for a working petroleum system. Chariot secured Eni as a drilling partner for the JP-1 structure which will be drilled by the RD-1 well. Subject to the completion of the relevant approvals of the agreement, well planning and drill rig availability Chariot anticipates drilling to occur in 2018.
Our Moroccan portfolio contains a further six Jurassic leads. Success in RD-1 well would materially de-risk this prospectivity and offers significant follow-on exploration potential in both Rabat Deep and the neighbouring Mohammedia permit.
In Mohammedia, priority target JP-2 is located in water depths of approximately 400m adjacent to modelled mature source kitchens. JP-2 is a Jurassic carbonate faulted prospect with gross mean prospective resources of 117mmbbls (NSAI). Potential has also been identified in Cretaceous and Tertiary targets. Of particular note, JP-2 is overlain by the shallower LKP-1A prospect with both potential targets drillable in a single vertical exploration well. The LKP-1A and other LKP prospects are interpreted as structural and combination traps in Lower Cretaceous shelf clastics which are seen to prograde over the JP-2 high, and are supported by AvO seismic attributes – a significant de-risking indicator. In their report, NSAI assigned LKP-1A with a gross mean prospective resource of 213mmbbls. Given the shallow water depths, the LKP prospects have the potential for low cost and rapid development. As part of the Exploration Permit work programme, Chariot anticipates a further 3D seismic programme to focus on the JP-2 and LKP prospectivity.
As a fast follower, Chariot has accumulated important information from wells drilled over the last 18 months in Morocco, which has served to prove that the Jurassic in the offshore can have excellent reservoirs and has confirmed the presence of a light oil charge. However, drilling targeting the Cretaceous in a deep water depositional environment has yet to demonstrate reservoir which is illustrative of the benefit of the fast-follower strategy and Chariot will wait for further evidence to support the oil generation of this play prior to investing in it.